Turkish Press Digest - Sept 23, 2022

CBRT cut the policy rate by 100 basis points to 12.00 percent. In the Bloomberg HT survey, the expectation was that the interest rate would be reduced to 12.50 percent. [Half the survey participants expected a cut of 100 basis points, and the rest didn’t (GC)] – BloombergHT

With a communiqué from the CBRT, the fees for banks' loan allocation and disbursement were limited. Loan allocation fees will not exceed 0.25% of the credit limit and 0.125% of the renewed limit in limit renewals. [This will decrease the total cost of a loan for firms but will likely temper the lending appetite of the banks. Banks used fees to circumvent the regulations regarding the interest rate limits on loans (GC)] – Dünya

President Recep Tayyip Erdoğan, in an interview with members of the media at Türkevi in New York at the end of his visit to the US, stated that a meeting will be held on Friday regarding the Russian payment system Mir, and that they will take the final decision on the issue at this meeting. – BloombergHT

The number of foreign visitors to Turkey increased 58.3% annually in August, reaching 29.3 million in the January-August period. – Dünya

According to CBRT data, foreign investors sold a net $34 million in shares last week. Net sales were $49 million in bonds. – BloombergHT

The agricultural input price index continued to rise in July as well, increasing by 1.31% on a monthly basis in July and by 133.41% on an annual basis. – BloombergHT

Mavi Giyim (MAVI:IS) announced its second-quarter results. Its consolidated revenue reached 2.24 billion TRY (+107% YoY), which is below market and our expectations. EBITDA was realized as 553 million TRY (+110% YoY), and the net profit was realized as 407 million TRY (+312% YoY). Net profit exceeded expectations due to the tax side, which is not operational. – MAVI

According to Worldsteel data, crude steel production in Turkey decreased by 21.0% YoY to 2.8 million tons in August, while it decreased by 8.8% YoY to 24.4 million tons in the January-August period. – BloombergHT

With the pandemic and Russia's invasion of Ukraine, Turkey's increasing role in the global supply chain has increased the appetite of foreign logistics companies to invest in the country. While the companies operating in Turkey (MSC, Rhenus, DFDS, Rif Line MOL Group) are accelerating their investments, new players such as the Danish logistics giant Blue Water Shipping are entering the market. Blue Water Shipping opened offices in Istanbul and Izmir. – Dünya

Haberturk columnist Muharrem Sarıkaya argues that while split on the issue, more people in the ruling AK Party support having the elections as scheduled on June, rather than a month early on May 14. – Habertürk

İsmail Saymaz, a journalist close to the opposition party CHP circles, argues that the current CHP leader Kemal Kılıçdaroğlu will be the candidate of the opposition wing, and not Ekrem İmamoğlu, the mayor of Istanbul, or Mansur Yavaş, the mayor of Ankara. – Twitter